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2nd mortgage loan

I have a 2nd mortgage loan on a foreclosed property from 2007. I have not been able to make payments on this loan since 2007. Today, March 2020, a law firm representing the debt collector wants to collect in 30 days or they will sue. I don't have the money to pay this loan off. I considered writing a letter of forgiveness. Don't know if this will work. Is bankruptcy my only alternative? by phyllisj777904 from Laurel, Maryland. 14 days ago Reply


John Burke (jburke)
#1 ranked lender in Texas - 227 contributions

Check you state's statute of limitations on debt. It looks like Maryland has a 3 year SOL on a written contract which would mean you are way past the SOL for them to sue you & if this is the case, your defense is that this debt is time barred.Take a look at this: https://law-margulies.com/information-about-debt-collection-in-maryland/| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Great Plains Bank | jburke@gpbankTX.net | (877)228-9069 | NMLS# 787231 |

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